Bahamas Government Asked SBF To Mint $100 Millions As New Tokens When FTX Collapsed

The Bahamas government has asked the SBF to mint hundreds of millions of dollars worth of new digital coins and then transfer those tokens to controlling island officials.
Bahamas Government

On December 13, according to Bloomberg, in a court filing, FTX’s restructuring team in the US accused the Bahamas government of interfering with US restructuring efforts.

Before former FTX CEO Sam Bankman-Fried (SBF) was blocked from the FTX system, the Bahamas asked him to mint hundreds of millions of dollars worth of new tokens, which were then passed to the control of Bahamian officials, FTX’s legal team said.

And when current FTX CEO John J Ray III and his team tried to take control of FTX’s computer system, they saw someone minting new tokens. In the end, they concluded that it was the SBF and Gary Wang who worked on the orders of the Bahamas.

Sam Bankman-Fried

Bahamian government officials have worked closely with the SBF, and FTX’s US attorney says the platform was withdrawn $100 million a day after SBF negotiated with Bahamian officials that prior to bankruptcy that they can open withdrawals to local users.

Following news earlier today that Sam Bankman-Fried has been arrested by Bahamian police and the US has filed criminal charges against SBF and may request his extradition.

US Attorney for the Southern District of New York Damian Williams said the indictment is expected to be announced Tuesday morning local time and more news will be available at that time. The New York Times reported that US criminal charges against SBF include multiple counts of wire fraud, securities fraud, and money laundering.

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